Olympus only does warranty for 12 months following purchase of camera. Even if after that time issues arise which are related to manufacturer defect. "waterproof", "tough" and "shockproof" should be taken in context of use for 12 months.

I received an estimate of $135 + $25 shipping (from manufacturer) to repair water leaking into the frame of a 18 month old $400 camera. It is noted on my repair form that this camera is not scratched, dented or shown any signs of misuse, other than water damage to the LCD screen, fogged flash, and water inside camera. My lesson on this is unfortunately not to purchase perceived quality and instead buy cheap and re-purchase often.